Chardan Capital Reaffirms “Buy” Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reaffirmed by stock analysts at Chardan Capital in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $11.00 target price on the biotechnology company’s stock. Chardan Capital’s price objective points to a potential upside of 329.69% from the stock’s previous close.

Several other equities analysts have also issued reports on RCKT. Wedbush reiterated an “outperform” rating and issued a $15.00 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday, September 16th. Weiss Ratings lowered Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. Jefferies Financial Group reiterated a “hold” rating and issued a $2.95 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday. Wall Street Zen upgraded Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Needham & Company LLC upgraded Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a research note on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.77.

Rocket Pharmaceuticals Price Performance

Shares of RCKT traded down $0.07 during midday trading on Wednesday, hitting $2.56. The company’s stock had a trading volume of 3,369,661 shares, compared to its average volume of 2,535,170. Rocket Pharmaceuticals has a one year low of $2.42 and a one year high of $5.45. The company’s fifty day simple moving average is $3.32 and its two-hundred day simple moving average is $3.40. The company has a quick ratio of 9.24, a current ratio of 9.24 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $281.02 million, a price-to-earnings ratio of -15.06 and a beta of 0.50.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.22. During the same period in the prior year, the business posted ($0.62) earnings per share. As a group, equities analysts expect that Rocket Pharmaceuticals will post -1.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Christopher Stevens sold 36,658 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total transaction of $128,303.00. Following the sale, the chief operating officer owned 505,784 shares in the company, valued at $1,770,244. The trade was a 6.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Martin Wilson sold 75,364 shares of the business’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $3.40, for a total value of $256,237.60. Following the sale, the general counsel owned 598,489 shares in the company, valued at $2,034,862.60. This represents a 11.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 125,977 shares of company stock worth $432,273 in the last 90 days. 21.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RCKT. Allworth Financial LP acquired a new position in Rocket Pharmaceuticals during the 2nd quarter worth about $28,000. Legal & General Group Plc acquired a new position in Rocket Pharmaceuticals during the 2nd quarter worth about $31,000. HB Wealth Management LLC acquired a new position in Rocket Pharmaceuticals during the 2nd quarter worth about $36,000. Focus Partners Advisor Solutions LLC acquired a new position in Rocket Pharmaceuticals during the 2nd quarter worth about $41,000. Finally, Optiver Holding B.V. lifted its holdings in Rocket Pharmaceuticals by 584.1% during the 1st quarter. Optiver Holding B.V. now owns 12,484 shares of the biotechnology company’s stock worth $45,000 after buying an additional 10,659 shares during the period. 98.39% of the stock is owned by institutional investors and hedge funds.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc (NASDAQ:RCKT) is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses both ex vivo hematopoietic stem cell gene therapy and in vivo adeno-associated virus (AAV) gene therapy approaches to address conditions with limited or no effective treatment options.

Rocket’s development programs have included marnetegragene autotemcel (RP-L102) for leukocyte adhesion deficiency-I, a rare inherited immune disorder; RP-A501 for Danon disease, a genetic heart condition; RP-A601 for arrhythmogenic right ventricular cardiomyopathy associated with PKP2 mutations; and RP-L301 for pyruvate kinase deficiency, an inherited blood disorder.